Tamilnad Mercantile Bank Q2 results: PAT grows 10.84% to Rs 303.18 cr

Private sector Tamilnad Mercantile Bank has reported a 10.84 per cent rise in its net profits for the July-September quarter at Rs 303.18 crore, the bank said on Tuesday.

The Tuticorin-based over century-old bank had registered net profits of Rs 273.51 crore during the corresponding quarter of last year.

For the six month period ending September 30, 2024 the net profits surged to Rs 590.47 crore, from Rs 534.74 crore registered in the year ago period.

Total income during the quarter under review grew to Rs 1,564.88 crore, from Rs 1,365.22 crore registered in the corresponding quarter of last year. For the half year ending September 30, 2024 the total income went up to Rs 3,079.75 crore as against Rs 2,688.11 crore registered in the year ago period.

In a statement, the bank said the Gross Non-Performing Assets (Gross NPA) decreased to 1.37 per cent by 33 basis points, from 1.70 per cent as on September 30, 2024 while net NPA fell to 0.46 per cent from 0.99 per cent.

The Net Interest Margin (NIM) increased to 4.25 per cent from 4.10 per cent, an increase of 15 basis points.

Total business of the bank during the July-September 2024 quarter rose to Rs 91,875 crore, up by 7.97 per cent from Rs 85,092 crore recorded in the same period of last year.

During the half year period ending September 30, 2024 the bank opened 15 new branches.

Tamilnad Mercantile Bank has a total presence of 567 branches, 12 regional offices and serves more than 5 million customers, the statement added.